The potential buyer made an offer that you accepted which is a verbal agreement and legally binding for items less than $100 where I live. IMO, a man's word is more important than any legal b/s. If the original offer was okay, you should live with it and move on. Learn your lesson for the next sale.

you never signed anything... there wasn't even a contract, let alone a legally binding contract! if the price difference is a 50% gain (from $10 to $15) then it's worth it for you to sell it to the second buyer. just sucks for the initial buyer

I don't think it would be legally binding unless you already cashed the check from the original buyer. Unless it was an auction website then usually in the fine print they say you are required to sell the item if the reserve is met blah blah.

But either way if you under priced it and got a better offer after you already got your selling price then thats on you for not asking more to begin with. Probably going to get a lot of shit on the online forum for changing the price after the fact. my .02

I don't think it would be legally binding unless you already cashed the check from the original buyer. Unless it was an auction website then usually in the fine print they say you are required to sell the item if the reserve is met blah blah.

But either way if you under priced it and got a better offer after you already got your selling price then thats on you for not asking more to begin with. Probably going to get a lot of shit on the online forum for changing the price after the fact. my .02

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That is absolutely true that I rec'd a lot of grief.

I understand honorably that I should have stuck to selling it to the first buyer.

Here's the background. I got a IRS letter saying I owe about approx. $4000.

I needed to get rid of something fast, and panicked and priced, say in this case a camera for $3200.

Said to the first person that wanted it, it was sold to them.

Later the same evening, I get a response saying second party would buy it for $4000.

Gets me out of my bind.

So I say to first buyer that I need to do what's in my best interest and go with higher/second buyer.

First buyers calls me names, and said that my agreement to sell it is a legal binding contract and that I now have to give camera to him and accept delivery of payment.

I said, I'm refusing to accept his payment and I'm going sell to second buyer because this would help my life.

Fist buyer is pursuing this like a blood hound as the deal is amazingly good and unheard of, as I panicked to find money for IRS.

Is there any legal recourse for first buyer? He won't back down and says he's having his lawer contact me.

If you agreed to terms and took receipt of the money (even if you did not cash the check), you are obligated (possibly legally) to abide by those terms. A verbal agreement is legally binding (depending on the item and value) in the US.

Written agreements, even if written by laypeople (us non-lawyer types) can be damning if you violate the intent of the agreement, which it sounds like you are attempting to do (written terms via an online forum/messaging system)

Returning the money in lieu of the item may work as a good faith effort if the item was damaged prior to delivery (the courts would side with you if you could prove the damage if there was need to go to court).

All that aside, this is an opportunity to know your a man of your word. If not, you'll know how much your word is worth.

Fist buyer is pursuing this like a blood hound as the deal is amazingly good and unheard of, as I panicked to find money for IRS.

Is there any legal recourse for first buyer? I won't back down and says he's having his lawer contact me.

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I highly highly doubt it. There's no way to prove that you two agreed on the set amount. I would have just explained my case to the first dude and been like, look, here's the deal, I'm sorry it turned out this way. I would still love to sell it to you if you can match the second buyers amount.